ALGL American Leis

    RNS Number : 7505B
  American Leisure Group Limited
  20 August 2008
   

   20 August 2008
    
    American Leisure Group Limited

    ("ALG" or "the Company")

    Trading Update and Directorate Change

    Further to the announcement on 30 June 2008 that Stanford had committed to provide new credit facilities of $17.5 million, ALG today
announces that Kennedy Funding Inc. has committed to provide up to $40 million of new additional credit facilities to the Company which will
be used to finance working capital and to facilitate completion of ALG's first resort unit sales and completion of the first phase of
amenities, subject to receipt of satisfactory property valuations and customary general conditions and requirements. The Company is
currently in discussion with a number of parties to secure further construction loan facilities to enable the build out of the next phase of
resort units.

    The Company is now nearing completion of the work with its auditors, Grant Thornton, LLP, to finalise its financial statements and
annual report for the period ended 31 December 2007. The Company will provide further announcement as soon as practicable.

    The Board of the Company also announces the resignation today as a director of ALG of Fred Pauzar, Director of Corporate Development.

    David Mace commented today: "I would like to thank Fred Pauzar for all his hard work in helping bring the ALG concept into existence.
The market conditions in which we find ourselves are extremely challenging and we continue to reassess ALG's rollout strategy, management
and its cost base in the face of the severe liquidity constraints in the marketplace in which we are now operating. However, the Board
remains confident in the attractiveness of ALG's proposition."

    - Ends -

    For further information:
 American Leisure Group Limited
 David Mace, Chairman
 Malcolm Wright, Chief Executive Officer             Tel: +1 407 251 2240
                                          www.americanleisuregroupltd.com

 Collins Stewart Europe Limited
 Hugh Field / Helen Goldsmith    Tel: +44 (0) 20 523 8350
                                  www.collins-stewart.com

    Media enquiries:
 Abchurch
 Henry Harrison-Topham / Gareth Mead  Tel: +44 (0) 20 7398 7710
 gareth.mead@abchurch-group.com          www.abchurch-group.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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